Loan Officer: Bill Smith     Phone: 386-684-3700    Email: wsmith@lucidfunding.com

Frequently Asked Question's

Can I get a loan without verifying my income or assets?
Can I get a home loan if I have had a previous bankruptcy or foreclosure?
How much cash will I need to purchase a home?
What does my mortgage payment include?
How do I know which type of mortgage is best for me?
How is an index and margin used in an ARM?
What is the difference between a fixed-rate loan and an adjustable- rate loan?
How do I know how much house I can afford?
Do I have to own a home to get a loan?

Has Stella Maris Mortgage, LLC provided a secure environment for applying online?
I've had past credit problems, will I qualify for a loan?
Is the interest on my loan tax deductible?
What is a FICO Score?

Q: Can I get a loan without verifying my income or assets?  TOP
A: Yes! We offer many loan programs that allow for "stated" income and assets!


Q: Can I get a home loan if I have had a bankruptcy or foreclosure?   TOP
A: Yes! Typically you need at least 2 years from the date of bankruptcy discharge and/or 3 years for the foreclosure. However, exceptions can be made based upon individual loan programs.

Q: How much cash will I need to purchase a home?  TOP
A: The amount of cash that is necessary depends on a number of items. Below are 3 items that you need to consider:

  • Earnest Money: The deposit that is supplied when you make an offer on the house
  • Down Payment: A percentage of the cost of the home that is due at settlement
  • Closing Costs: Costs associated with processing paperwork to purchase or refinance a house


Q: What does my mortgage payment include?  
TOP
A: For most homeowners, the monthly mortgage payments include three separate parts:

  • Principal: Repayment on the amount borrowed
  • Interest: Payment to the lender for the amount borrowed
  • Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes.


Q: How do I know which type of mortgage is best for me?  TOP
A: There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. E-Mortgage Bankers can help you evaluate your choices and help you make the most appropriate decision.


Q: How is an index and margin used in an ARM?  
TOP
A: An index is an economic indicator that lenders use to set the interest rate for an ARM. Generally the interest rate that you pay is a combination of the index rate and a pre-specified margin. Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR).


Q: What's the difference between fixed-rate and adjustable-rate loans?  
TOP
A: With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to one of our loan professionals.


Q: How do I know how much house I can afford?  TOP
A: You can usually purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make.

Q: Do I have to own a home to get a loan?  TOP
A: Yes and No. if you are looking to buy a home and would like to qualify for our Purchase/First Mortgage loan, you do not currently have to own a home. If you are seeking a Home Equity, Debt Consolidation or Refinance loan, then home ownership is definitely a requirement.

Q: Is Stella Maris Mortgage, LLC a secure environment for applying online?  TOP
A: Yes, Stella Maris Mortgage, LLC provides SSL encryption on our online application. However, if you prefer to leave out any personal information while filling out the application, please feel free to do so. One of our loan professionals will contact you to acquire the rest of the information.


Q: I've had past credit problems, will I qualify for a loan?  TOP
A: Yes! We have loan programs to fit almost any situation, regardless of past credit problems. Bankruptcies, judgments and tax liens...etc.

Q: Is the interest on my loan tax deductible? TOP
A: Yes, in most cases. However, we advise you to speak to a tax accountant regarding your specific situation.

Q: What is a FICO Score?  TOP
A: FICO scores are used by lenders to determine the amount of credit risk is a loan. The higher your score the better terms you might be able to obtain. Some lenders will not lend below a certain FICO (Fair Isaac and Company) score. Named for the company that developed the credit scoring model.

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